SEOUL – The board of Korean Air Lines <003490.KS>, the largest shareholder of collapsed Hanjin Shipping Co Ltd <117930.KS>, has approved lending 60 billion won ($53.96 million) to the container carrier, using Hanjin's accounts receivable as collateral, a spokesman for the airline said on Wednesday.
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The spokesman said the funds would be used to help to offload cargo that has been stranded on Hanjin ships. Last month, South Korea-based Hanjin filed for court receivership with roughly 6 trillion won in debt.
(Reporting by Joyce Lee; Editing by Tony Munroe and Jane Merriman)